InterOil bondholder meeting fails to meet quorum, no resolution made

By Tali David

Minneapolis, Nov. 18 - InterOil Exploration & Production ASA said there were not sufficient holders of its 15% senior callable bonds due 2014 at a meeting to form a quorum, so a proposed amendment was not passed.

However, the proposed amendment obtained 100% of the votes present, according to a notice from trustee Norsk Tillitsmann ASA.

As previously reported, in order to have a quorum, at least half of the bonds needed to be represented at the meeting. In order for the measure to pass, the holders of at least two-thirds of the bonds represented at the meeting needed to vote in favor of the proposal.

The company is asking for an amended restructuring under the bonds after regulatory issues prevented completion of the restructuring that was approved in July.

InterOil is an Oslo-based exploration and production company.

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